Glazyev: EAEU to agree on common oil and gas markets

Glazyev: EAEU to agree on common oil and gas markets

Energy price fluctuations may accelerate talks on the common oil and gas markets in the Eurasian Economic Union (EAEU), member of the Board on Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergei Glazyev said.

According to Glazyev, there are more than 300 measures and mechanisms in the EAEU strategic areas through 2025. 

"If we talk about common oil and gas markets, there is a concept that has been officially adopted. Work is underway on it. It will undoubtedly be completed in due time. No one is delaying the implementation of these tasks," he said in an interview to the Belarus 1 TV channel.

Today there are strong fluctuations in energy prices. I think these fluctuations will simplify the speed of agreements. Because in the situation of unstable markets, the sooner the states agree with each other, the sooner they will ensure stability in the energy market, which is very important for all the industries," BelTA cited him as saying.

The member of the EEC Board noted that such regulation should be achieved "so that energy pricing contributes to the economic growth of our union as a whole". He recalled that 2024 has been announced as a milestone year on this issue. 

"I am confident that we will not go beyond this year. Maybe we will be able to reach consensus on these difficult issues sooner," Glazyev concluded.